In our yesterday’s newsletter we wrote
“Right now the resistance for Nifty is placed at 5950 once crossed it may face some problem at 6035 range. One may keep holding the Nifty bought at 5725 and ride out a good profit. If necessary keep a stop at 5900.”

As expected in our yesterday’s newsletter, Nifty is struggling around 5950 levels. We still expect that Nifty can overcome the resistance. In case it does not cross 5950 levels in the next 1-2 days time, we may expect a downtrend. Right now we should keep a strict stop loss of 5900 for the Nifty. Interestingly, crude oil prices have fallen from their recent highs which is good news to Indian economy. Oil price is struggling to hold above $90 despite political uncertainty in Venezuela- the second largest holder of oil reserves. Oil might go down further to test lower level.

Advance tax payment for the final installment of the current fiscal year could provide some momentum to the market. Let us wait and watch the market and update on the same in our future newsletters.